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The cost accounting systems that are used by a contractor manufacturing a number of identical units for multiple customers are?
Contractors manufacturing identical units for multiple customers typically use job order costing or process costing systems. Job order costing tracks costs for each specific order or batch, allowing for detailed cost analysis per customer. In contrast, process costing accumulates costs over a continuous production process, which is useful when products are indistinguishable from one another. The choice between these systems depends on the production process and the level of detail required for cost tracking.
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What is accountant job?
what is the cost accounting system used by a contract manufacturing a number of identical units for multiple customers
What are the cost accounting systems that are used by a contractor manufacturing a number of identical units for multiple customers?
A contractor manufacturing identical units for multiple customers typically uses job order costing or process costing systems. Job order costing tracks costs for each specific order or batch, allowing for detailed tracking of expenses for individual customer requests. In contrast, process costing is used when products are mass-produced in continuous processes, averaging costs over all units produced. The choice between these systems depends on the production process and the need for cost accuracy for specific orders.
What is the difference between budget and standard in accounting?
BudgetA budget usually refers to a department'sor a company's projected revenues, costs, or expenses.StandardA standard usually refers to a projected amount per unit of product, per unit of input (such as direct materials, factory overhead), or per unit of output.ExampleA manufacturer will have budgets for its manufacturing or factory overhead departments. Let's assume that the budgeted manufacturing overhead for the upcoming year is expected to be $1,000,000 in order to produce the expected 100,000 identical units of product. The standard cost of manufacturing overhead per unit of product is $10 ($1,000,000 divided by 100,000 units). When the products are not identical, the $1,000,000 of manufacturing overhead might be divided by the expected number of machine hours required to manufacture the units of product. Assuming it will take 50,000 machine hours, the standard cost of the manufacturing overhead will be $20 per machine hour ($1,000,000 divided by 50,000 machine hours).
What is the differences between accounting and accountancy?
Accountancy is knowledge of accounts.Accounts depends on the rules and principles framed by accountancy.Thus, we can say that accountancy is knowledge of accounts whereas accounts is application of accountancy.
What is the difference between a standard and a budget?
A budget usually refers to a department'sor a company's projected revenues, costs, or expenses. A standard usually refers to a projected amount per unit of product, per unit of input (such as direct materials, factory overhead), or per unit of output.For example, a manufacturer will have budgets for its manufacturing or factory overhead departments. Let's assume that the budgeted manufacturing overhead for the upcoming year is expected to be $1,000,000 in order to produce the expected 100,000 identical units of product. The standard cost of manufacturing overhead per unit of product is $10 ($1,000,000 divided by 100,000 units). When the products are not identical, the $1,000,000 of manufacturing overhead might be divided by the expected number of machine hours required to manufacture the units of product. Assuming it will take 50,000 machine hours, the standard cost of the manufacturing overhead will be $20 per machine hour ($1,000,000 divided by 50,000 machine hours).
What is job order accounting?
what is the cost accounting system used by a contract manufacturing a number of identical units for multiple customers
What is accountant job?
what is the cost accounting system used by a contract manufacturing a number of identical units for multiple customers
What are the cost accounting systems that are used by a contractor manufacturing a number of identical units for multiple customers?
A contractor manufacturing identical units for multiple customers typically uses job order costing or process costing systems. Job order costing tracks costs for each specific order or batch, allowing for detailed tracking of expenses for individual customer requests. In contrast, process costing is used when products are mass-produced in continuous processes, averaging costs over all units produced. The choice between these systems depends on the production process and the need for cost accuracy for specific orders.
Identical components used in manufacturing?
interchangeable parts
What does clone mean?
A cell or organism that is identical to another but is another individual form of it.
These identical parts could be substituted for one anther when manufacturing or repairing products?
Interchangeable Parts
What is the difference between budget and standard in accounting?
BudgetA budget usually refers to a department'sor a company's projected revenues, costs, or expenses.StandardA standard usually refers to a projected amount per unit of product, per unit of input (such as direct materials, factory overhead), or per unit of output.ExampleA manufacturer will have budgets for its manufacturing or factory overhead departments. Let's assume that the budgeted manufacturing overhead for the upcoming year is expected to be $1,000,000 in order to produce the expected 100,000 identical units of product. The standard cost of manufacturing overhead per unit of product is $10 ($1,000,000 divided by 100,000 units). When the products are not identical, the $1,000,000 of manufacturing overhead might be divided by the expected number of machine hours required to manufacture the units of product. Assuming it will take 50,000 machine hours, the standard cost of the manufacturing overhead will be $20 per machine hour ($1,000,000 divided by 50,000 machine hours).
What is the difference between business sector and nature of business?
Business sector is a group which has collection of different kind of identical businesses and nature of businesses is what we do or provide the customers.
What is required for the law of one price to hold exactly?
The law of one price holds exactly when identical goods are sold in different markets at the same price after accounting for exchange rates and transportation costs.
Are organisms with identical numbers of chromosomes identical?
No they are not identical
What is the differences between accounting and accountancy?
Accountancy is knowledge of accounts.Accounts depends on the rules and principles framed by accountancy.Thus, we can say that accountancy is knowledge of accounts whereas accounts is application of accountancy.
When are two vectors identical?
Two vectors are identical when all their components are identical. An alternative definition, for vectors used in physics, is that they are identical when both the magnitude and the direction are identical.
